Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
 12 Months Ended 122 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
COSTS AND EXPENSES:      
Research and development $ 5,122,686 $ 3,599,080 $ 25,927,725
General and administrative 3,632,099 2,692,433 13,294,710
Merger costs 0 746,207 799,133
Total costs and expenses 8,754,785 7,037,720 40,021,568
LOSS FROM OPERATIONS (8,754,785) (7,037,720) (40,021,568)
OTHER INCOME (EXPENSE):      
Grant income 0 44,479 244,479
Loss on derivative warrants (33,854) (12,158) (46,012)
Interest expense, net (8,335) (430,023) (455,460)
Other income 0 0 1,161
Total other expense, net (42,189) (397,702) (255,832)
NET LOSS (8,796,974) (7,435,422) (40,277,400)
DEEMED DIVIDEND ON WARRANTS (543,359) 0 (543,359)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (9,340,333) $ (7,435,422) $ (40,820,759)
BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE (in dollars per share) $ (0.23) $ (0.31) $ (2.91)
SHARES USED IN COMPUTING BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE (in shares) 41,121,137 23,959,008 14,041,400